Gamuda Berhad

Scaling New Heights

Q4 2012 INVESTORS’ BRIEFING 27 September 2012 INCOME STATEMENT SUMMARY

(RMmil) Change FYE July 2012 FYE July 2011 (%) Revenue 3,087.0 2,673.2 +15 Profit from operations (EBIT) 584.5 380.9 +53 Finance Costs (62.4) (58.8) +6 Share of associates (net of tax) 206.1 222.4 -7 Profit before tax 728.2 544.5 +34 Tax (162.2) (111.6) +45 Minority Interests (18.7) (7.5) +148 Net profit attributable to equity holders 547.3 425.4 +29 Fully diluted EPS (sen) 25.6 19.8 Dividend per share (sen) 12.0 12.0

EBIT margins (%) 18.9 14.2 PBT margins (%) 23.6 20.4 BALANCE SHEET SUMMARY

(RMmil) As at 31 July ’12 As at 31 July ’11 Current Assets 5,218.2 4,545.6 Current Liabilities 3,095.6 2,166.4 Current Ratio 1.7x 2.1x

Total borrowings 2,182.3 1,949.7 Cash and marketable securities 1,616.5 1,385.6 Net cash (565.8) (564.1)

Share capital 2,079.4 2,064.8 Reserves 1,968.6 1,621.7 Equity attributable to equity holders 4,048.0 3,686.6

Net gearing (overall) 14% 15% Net assets per share (RM) 1.95 1.79 QUARTERLY SEGMENTAL PROFITS

(RMmil) Q411 Q112 Q212 Q312 Q4 `12 Q4 `11 +/- Construction & Eng 41.3 43.5 58.5 58.8 61.2 41.3 +48 Properties 38.9 58.8 71.8 79.6 76.0 38.9 +95 Concessions 70.9 64.8 58.0 57.6 39.5 70.9 -44

Group Pretax Profit 151.1 167.1 188.3 196.0 176.7 151.1 +17 Group Net Profit 126.2 132.3 136.5 138.0 140.5 126.2 +11

YTD Segmentals Pretax Margins (YTD) (RMmil) FY `12 FY `11 +/- % FY `12 FY `11 Construction 222.0 143.3 +55 Construction 11.7 7.8 Properties 286.2 149.9 +91 Properties 26.8 21.3 Concessions 220.0 251.3 -12 Concessions n.m. n.m. Group PBT 728.2 544.5 +34 Group PBT 23.6 20.4 KEY HIGHLIGHTS • Second consecutive record-breaking year – revenues broke the RM3bn mark (+15%); net profit just shy of RM550m (+29%); driven by construction and properties

• KVMRT 90% awarded – civil works fully awarded, non-civil works almost 65% awarded, works momentum fast gaining traction

• Focusing on new projects for 2013 – potential for >RM10bn new order book

• Property sales achieve new record – RM1.5bn (+16%) new sales in FY12, targeting 10% growth in FY13

• Strong prospects for another record-breaking FY13 – underpinned by strong construction activity, sizeable unbilled property sales KEY CORPORATE UPDATES

• KVMRT – another 14 packages worth RM5.2bn awarded in last 3 months; to date, total of 45 packages worth RM19.0bn (90%) awarded; 13 tenders in progress; 27 packages yet to be called, expect to achieve 98% award level by year end

• All 8 Viaduct packages awarded; For civil works, only 3 more Station packages outstanding; awards expected by October

• RM1.5bn new property sales achieved in FY12 (+16%) - comprising RM1150m () and RM380m (Vietnam); targets for FY13 revised down for Vietnam

• Recently purchased a 4.86 acre piece of freehold commercial land in for RM95m cash; GDV of RM630m CONSTRUCTION ORDER BOOK • Current unbilled order book about RM4.8 billion Completion Status Balance Major works completion Comments Projects % (RMbn) now date

Major Ongoing Double Tracking 0.9 86 2014 Mainly systems works ongoing (50% share) Recently Secured KVMRT Tunneling 3.9 4 2017 TBMs procured, work ongoing (50% share) at all seven underground stations simultaneously Recently Completed Yenso Park STP - 100 2012 Preparing for handover NDIA – Ph 1, 2} - 100 2012 Airport opening in Dec 2012 CONSTRUCTION - OUTLOOK

• Strong performance in FY12 despite dip in Q4 margin; Significant margin expansion with full year margin averaging 11.7% vs 7.8% previously; Q4 margin dips to 9.1% as Double Track moves into Systems phase and PDP revenues kick in • All 10 TBMs procured, manufacturing progressing on track for first deliveries in late Q1 `13; preparatory station works ongoing at all 7 underground stations simultaneously; launch shafts works making good progress at North, South portals • Visible activity at several elevated packages – piling works (V4, V5, V6), utility relocations (SB depot, V1, V6), batching plants, casting yards construction for SBG supply • Focused on securing new projects for execution in 2013/4 SBK Line – Summary of Civil Packages

SUNGAI BULOH DEPOT 1 V1 Trans Resources KG BARU Syarikat Muhibbah Perniagaan & Pembinaan Sg Buloh Depot RRI Start construction: June 2012

P KOTA P TAMAN DAMANSARA INDUSTRI SG. BULOH TEKNOLOGI BUKIT SEMANTAN BINTANG THE PASAR CENTRAL CURVE P P PBD SENI PJU 5 DATARAN TTDI P PASAR RAKYAT SUNWAY ONE UTAMA SECTION 16 MERDEKA P COCHRANE BUKIT KIARA KL SENTRAL MALURI P

UNDERGROUND TMN BUKIT RIA V2 V4 MMC GAMUDA (T) KVMRT Gadang Engineering V3 Sunway Construction Start construction: March 2012 TMN BUKIT MEWAH P Start construction: July Mudajaya Start construction: June 2012 2012 Start construction: August 2012 V5 LEISURE MALL IJM Construction Start construction: March 2012 PLAZA PHOENIX P

TAMAN SUNTEX P V6 Ahmad Zaki Start construction: March 2012 P

BDR TUN HUSSIEN ONN P

BALAKONG V7 MTD Construction Start construction: August 2012 TAMAN KOPERASI P

DESCRIPTION Total Elev. U/G SAUJANA P V8 IMPIAN Length (km) 51.0 41.5 9.5 UEM Construction BANDAR Ka Station (nos) 31 24 7 ja ng D DEPOT 2 e KAJANG Provisional Station (nos) 3 3 0 po TSR Bina S/B 9t Start construction: August 2012 P P Park & Ride 16 16 PROPERTIES - OUTLOOK

• Extremely strong performance with revenues breaking RM1bn (+51%), PBT near doubling to RM286m (+91%), margins expanding to 26.8% from 21.3% • Achieved new sales of RM1.5bn (+16%), unbilled sales at RM1.2bn; Domestic sales totalled RM1.15bn (-13%) as sector slows; Vietnam sales totalled RM380m or 25% of group sales • FY13 sales projections revised down to RM1.7bn (+10%) on back of slower domestic activity, persistent weakness in Vietnam • Top selling projects are Bandar Botanic (30%), followed closely by Horizon Hills (28%) and Gamuda City (17%); Horizon Hills continues to buck the general slowdown seen in Valley • City-centre `The Robertson’ to be launched in late FY13; priced at average RM1200 psf; targeting the urban, Gen Y yuppies Gamuda City, Vietnam (200ha, RM9bn, 2012-2022) SALES LAUNCHING PLAN

14 Celadon City, Vietnam (80ha, RM5bn, 2011-2018)

13 CONCESSIONS - OUTLOOK

• Weak Q4 due to one-off increase in amortisation costs at Litrak following major review of concession traffic projections

• PBT for Concessions division (water & highway) declined 12% to RM220m

• Water consolidation exercise still deadlocked; unclear when or how impasse can be resolved; indications of a fresh offer from State Govt imminent THANK YOU For any clarification, please email [email protected]